Press Releases
Currently showing results related to Economy
DON’T CALIFORNIA MY AMERICA: The Cost of California Policymaking
WASHINGTON, D.C. - Last week, President Joe Biden announced he is not seeking another four years in office and intends to pass the torch to his Vice President and Open-Border Czar, Kamala Harris, a Democrat from California. We often hear that California, if it was its own country would rank 5th in GDP. That’s why California’s policy blunders are particularly damaging. Understanding these failures is crucial if we are to avoid making similar mistakes on the national level. Their progressive … Continue Reading
July 16, 2024
Chairman Arrington on Biden’s Nationalization of Failed Rent Control Policies
WASHINGTON, D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) released a statement on President Biden’s plan to implement failed rent control policies nationwide. Chairman Arrington on Rent Control: "Rent control has been a disaster in cities across the country like New York City, causing housing costs to explode, quality to decline, and the construction of badly needed new, affordable homes to plummet. President Biden’s plan to nationalize a policy that has produced … Continue Reading
July 11, 2024
Op-Ed, Washington Examiner: The Debt and Interest Albatross
WASHINGTON, D.C. - House Budget Committee Member Blake Moore (R-UT) is Sounding the Alarm on the fastest-growing part of our national debt: interest payments. Congressman Moore outlined hidden interest in an article in the Washington Examiner, highlighting how it is now the largest contributor to our national debt- exceeding infrastructure, education, healthcare, and national defense spending. Congressman Moore in the Washington Examiner: Via the Washington Examiner: “As we celebrated … Continue Reading
July 11, 2024
Op-Ed, Washington Examiner: Biden’s Cruel Economy
WASHINGTON, D.C. - This week, House Budget Committee Chairman Jodey Arrington (R-TX) penned an Op-Ed in the Washington Examiner on the effects of President Biden’s cruel economic policies. Under the Biden Administration, our country is at the highest level of indebtedness in history, inflation has soared nearly 20 percent, and the American dream has grown increasingly out of reach for millions of people. Read more as Chairman Arrington lays out the cost of President Biden’s cruel … Continue Reading
July 11, 2024
Inflation Report: Prices Remain Higher Than Pre-Pandemic
WASHINGTON, D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement after the Consumer Price Index (CPI) report for June showed that inflation dropped slightly from May, with year-over-year inflation coming in at 3.0 percent. Since President Biden took office, prices have increased by a total of 19.2 percent. Chairman Arrington on Today's Inflation Report: Chairman Arrington released the following statement on today’s inflation report: “The … Continue Reading
July 10, 2024
Congressional Budget Office Releases Monthly Budget Review: Federal Deficit Reaches $1.3 Trillion for First Nine Months
WASHINGTON, D.C. - Yesterday, the Congressional Budget Office (CBO) released the monthly budget review for June 2024. According to the report, overall spending, after adjusting for timing shifts, is up 7 percent at $320 billion and revenues are up 10 percent at $342 billion, when compared to the same point last year. Interest spending has increased by 40 percent at $201 billion compared to the same point last year. Some key number breakdowns: Topline Takeaways from CBO's Monthly Budget … Continue Reading
July 05, 2024
June Jobs Report: Unemployment Rate Rises to Highest Level Since November 2021
WASHINGTON, D.C. - Today, the Bureau of Labor Statistics (BLS) released its jobs report for June 2024. The report showed 206,000 new jobs were created in June, 12,000 less than were created in May. The unemployment rate rose to 4.1 percent, the highest level since November 2021. Job gains in April and May were revised down by a combined 111,000 compared to prior projections. Chairman Arrington Statement on June Jobs Report: House Budget Committee Chairman Jodey Arrington (R-TX) responds to … Continue Reading
June 28, 2024
FACT CHECK: The Truth About Biden’s Failed Presidency
WASHINGTON, D.C. - Last night, President Biden and President Trump participated in the first presidential debate of the year. President Biden tried to paint a picture that his presidency has been good for the American people, but that couldn’t be further from the truth. The House Budget Committee is here with the facts on last night’s claims by President Biden. Read what he got wrong below and follow along for the truth. Economy: President Biden misled the American people about the pain … Continue Reading
June 28, 2024
Biden’s 20 Percent Inflation Tax Costs American Families Over $17,000 Per Year
WASHINGTON, D.C. - Today the Bureau of Economic Analysis (BEA) reported that the Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s preferred measure of inflation, was 2.6 percent for the month of May. Since President Biden took office, prices have increased 19.3 percent. This means that the average family of four is paying an additional $17,080 per year or $1,423 per month to purchase the same goods and services as in January 2021. House Budget Committee Chairman … Continue Reading
June 27, 2024
FACT CHECK ALERT: Debunking CRFB’s Analysis of Trump and Biden Impacts on the National Debt
WASHINGTON, D.C. - This week, the Committee for a Responsible Federal Budget (CRFB) released a report entitled, “Trump and Biden: The National Debt.” The CRFB’s report attempts to compare the fiscal impact of the policies of the current Administration with the policies of the previous Administration, yet fails to accurately capture the total cost incurred by both presidencies. The CRFB’s report: Ignores the track record of increasing revenues following passage of TCJA; Omits the full … Continue Reading
June 27, 2024
House Budget Committee Holds Roundtable to Assess Implications of AI for the U.S. Economy and the Government
WASHINGTON, D.C. - Today, House Budget Committee members held a roundtable titled “The Age of Artificial Intelligence: Implications for the U.S. Economy and Government.” The Committee welcomed Andrew McAfee, a principal research scientist at the MIT Sloan School of Management, and Jason Payne, Chief Technology Officer for Microsoft Federal, to speak to members of the committee about the impacts of artificial intelligence (AI) on the U.S. economy and its potential uses to improve government … Continue Reading
June 27, 2024
Bureau of Economic Analysis: GDP Growth for Q1 a Low 1.4 Percent
WASHINGTON, D.C. - Today, the Bureau of Economic Analysis (BEA) released its final estimate for economic growth in the first quarter (Q1) of 2024. The report found that real U.S. Gross Domestic Product (GDP) grew by just 1.4 percent. This finding underscores that President Biden’s failed economic policies have been a disaster for the economy. Chairman Arrington's Statement on GDP Growth: House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement on GDP growth for … Continue Reading
June 25, 2024
The Conference Board: Consumer Confidence Weakens in June
WASHINGTON, D.C. - Today, The Conference Board released its report evaluating the Consumer Confidence Index for June 2024. The report shows that consumer confidence fell in June, highlighting that Americans are concerned for their financial future. The Conference Board Consumer Confidence Index® measures the optimism or pessimism of households about their financial situation and their ability to secure or retain employment. On a separate measure, for the fifth straight month, the Conference … Continue Reading
June 12, 2024
Economy Continues to Struggle: Fed Makes No Change to Interest Rates
WASHINGTON, D.C. - Today, the Federal Open Market Committee (FOMC), the Federal Reserve’s (Fed) committee that decides the future path of interest rates, announced that there will be no immediate change to interest rates. Falling workforce participation, worsening consumer confidence, and doubts about future economic growth all paint a bleak picture for our nation’s fiscal health. The Fed has indicated it won’t begin cutting interest rates until inflation is trending down toward the target of … Continue Reading
June 12, 2024
Inflation Stagnates: Doubts on Future Economic Growth Remain
WASHINGTON, D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement after the Consumer Price Index (CPI) report for May showed that inflation remained unchanged from April, with year-over-year inflation coming in at 3.3 percent. Since President Biden took office, prices have increased by a total of 19.3 percent. Chairman Arrington on Today's Inflation Report: Chairman Arrington released the following statement on today’s inflation report: “The … Continue Reading
June 07, 2024
May Jobs Report: Labor Force Participation Drops from April
WASHINGTON, D.C. - Today, the Bureau of Labor Statistics (BLS) released its jobs report for May 2024, which showed 272,000 new jobs were created in May, the labor participation rate dropping slightly from 62.7 percent in April to 62.5 percent, and the unemployment rate ticking up slightly from 3.9 percent in April to 4.0 percent. Furthermore, nearly half of all job growth since October can be attributed to various immigrant groups, including illegal immigrants, showing a far weaker economy … Continue Reading
May 31, 2024
Bureau of Economic Analysis: PCE Inflation Rose by 2.7 Percent in April
WASHINGTON, D.C. - Today the Bureau of Economic Analysis (BEA) reported that the Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s preferred measure of inflation, rose by 2.7 percent over the last year for the month of April. This is unchanged from March’s 2.7 percent. House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement on PCE rising 2.7 percent over the last year in April: How bad was the impact of Democrats’ spending spree and … Continue Reading
May 30, 2024
Bureau of Economic Analysis: GDP Growth for Q1 was Just 1.3 Percent, Even Lower than Previously Estimated
WASHINGTON, D.C. - Today, the Bureau of Economic Analysis (BEA) released its second estimate for economic growth in the first quarter (Q1) of 2024. The report found that real U.S. Gross Domestic Product (GDP) grew by 1.3 percent, .3 percentage points lower than forecasted last month. This finding underscores that President Biden’s failed economic policies have been a disaster for the economy. Chairman Arrington's Statement on GDP Growth: House Budget Committee Chairman Jodey Arrington … Continue Reading
May 29, 2024
Interest Costs Skyrocket by 152 Percent Under President Biden
WASHINGTON, D.C. - Under President Biden, the cost to service our national debt has skyrocketed. Since January 2021, spending on interest has grown by an astonishing 152 percent. For context, during the same period, spending growth for key areas: 33 percent growth in spending for Social Security 21 percent growth in spending for Medicaid 15 percent growth in spending for Defense 14 percent growth in spending for Medicare Interest is the fastest growing obligation in the federal … Continue Reading
May 28, 2024
Consumer Confidence Wanes for Second Consecutive Month, Fears of Looming Recession Continue to Grow
WASHINGTON, D.C. - Today, the Conference Board released its report entitled, “Confidence Ticks Up after Three Straight Declines but Consumers Remain Anxious about the Future,” evaluating Consumer Confidence for May 2024. The report described Consumers’ perceived likelihood of a recession over the next 12 months rose for the second consecutive month in May. The Conference Board Consumer Confidence Index® measures the optimism or pessimism of households about their financial situation and their … Continue Reading
